Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 11-06-2007, 11:13 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
I've still got $75000 or so in the stoozing game. Most offers have dried up, but there are still a few out there. I may be out of the game in another 6 months...

Year to date - probably around $4000-$5000 including sign up rewards.
__________________

__________________
justin is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-12-2008, 01:05 PM   #22
Recycles dryer sheets
 
Join Date: Apr 2008
Posts: 223
In addition to signing up for multiple credit cards for different purchases, it seems to me it would make great financial sense to sign up for new offers with a signup bonus and then cancel the card.

For example, I have done a lot of traveling recently and signed up for multiple hotel reward programs. Once of them just sent me a notice that if I sign up for their credit card I will get enough points in the rewards program for a free hotel stay plus one free hotel stay. Reading the fine print, there is no annual fee for the first year, I must make a purchase to get the reward, and I have to have the card for at least 6 months or they remove the rewards. This works out to a lot better than the 1-2% I can get with any other card. I may sign up for this and think about repeating the process on several other cards.
__________________

__________________
inquisitive is offline   Reply With Quote
Old 04-12-2008, 05:52 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Quote:
Originally Posted by Gumby View Post
The zero interest has not dried up, but the card companies have gotten smart and started charging 3% balance transfer fees. I am successfully stoozed to $40k worth until next May, but I may be reaching the end of the line. I don't really need the $1500 or so I get per year, but it does please me to stick it to the card companies.
I did this for a while, I made one mistake and paid more than $500 in interest expense (partly offset by $250 of interest earned.)

To me the 3% balance transfer with no max fee that they are now charging makes the days of stoozing numbered.

Rebates though are pretty much forever.

I also like apply for airline credit cards with 10-20k frequent flyer miles bonus, and waving the first year fee.
__________________
clifp is offline   Reply With Quote
Old 04-13-2008, 11:07 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,884
Quote:
no annual fee for the first year, I must make a purchase to get the reward, and I have to have the card for at least 6 months or they remove the rewards.
This is how they reel you in and this is how they will screw you. Remember: it is their contract that you sign (many pages of micro print rules and regs for you to obey).)
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 04-13-2008, 12:59 PM   #25
Recycles dryer sheets
 
Join Date: Mar 2008
Posts: 223
Stoozing is very risky. One wrong move and you are screwed, especially with high balances. Credit Card Companies have many tricks up they're sleeve to catch you. The risk is not worth the rewards. NO such thing as easy money! If it is too good to be true, it probably is.
__________________
DAYDREAMER is offline   Reply With Quote
Old 04-13-2008, 01:21 PM   #26
Recycles dryer sheets
fluffy's Avatar
 
Join Date: Jun 2006
Posts: 82
If you are an organized person, stoozing is not risky at all. You have a few weeks to make your payments, whether online or by mail, and the ability to easily verify online that the payment credited correctly. It just takes a little organization and can yield a few thousand dollars per year with very little effort. The problem these days is lower interest rates and stingier credit card issuers

As far as signing up for rewards and cancelling the card afterwards it's an OK strategy as long as you realize that every new card lowers your credit score which in turn may result in higher mortgage/loan/insurance/home equity/credit card rates. So a few $100 rewards may not be worth it if you are going to apply for a large mortgage or other loan soon.
__________________
We come in the spirit of hostility and menace
fluffy is offline   Reply With Quote
Old 04-13-2008, 03:28 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Quote:
Originally Posted by fluffy View Post
If you are an organized person, stoozing is not risky at all.
Well, I guess it depends on what you mean by "organized." The card companies are free to change the rules at any time (usually requiring only that you be given XX days notice), so anyone who is stoozing will need to read every word of everything they receive from their card companies. And, since the card business of one company can get sold to another company without any notice to the stoozer, a stoozer has to at least open every correspondence from every card company to see if their account has been sold. One missed deadline or one missed clause in a new contract can instantly cost more than the stoozer has made in the year (and result in a ding on the stoozer's credit). If this is "easy money", I'll take w*rk.

But, some folks are making money at it, and apparently enjoy this stuff.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is online now   Reply With Quote
Old 04-13-2008, 03:40 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by samclem View Post
If this is "easy money", I'll take w*rk.
There ya go....... When I first retired, I was looking around for some small ways to generate a little cash or reduce a few expenses. I did read about stoozing and even ran a few trials on paper. In the end, with my personality, I'm better off using my time to do most all of my house and car maintenance, try to stay on top of my investments and taxes and leave the stoozing to others.

Obviously the gimmicks that CC companies offer to attract business, and which stoozers try to take advantage of, must be working for both parties or it would stop.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 04-13-2008, 05:00 PM   #29
Confused about dryer sheets
 
Join Date: Jun 2006
Posts: 4
I just paid off $90k in balance transfers, but with today's interest rates I'm staying out of the game for a while.

It's a group sport for me. It only works if you work with a team who help find the 0% fee/0% interest offers, and who alert each other of individual bank changes and rules.

I did 3 rounds and made a few thousand each time. It was more work than expected, but well worth it financially.

And how can anyone pass up a $300 sign up bonus for an Amex card?
__________________
heretic is offline   Reply With Quote
Old 04-19-2008, 10:26 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Quote:
Originally Posted by heretic View Post
I just paid off $90k in balance transfers, but with today's interest rates I'm staying out of the game for a while.

It's a group sport for me. It only works if you work with a team who help find the 0% fee/0% interest offers, and who alert each other of individual bank changes and rules.

I did 3 rounds and made a few thousand each time. It was more work than expected, but well worth it financially.

And how can anyone pass up a $300 sign up bonus for an Amex card?
I was 3 for 4 on stoozing, and I'd keep doing it, but even checking Fat Wallet, I don't see how you can make money with the 3% no cap fees that virtually all cards are charging, when money market rates are <3%.

When you factor in that interest earned is taxable and fees paid aren't deductible it seems like the only winner is Uncle Sam.
__________________
clifp is offline   Reply With Quote
Old 04-19-2008, 10:32 PM   #31
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,123
Quote:
Originally Posted by clifp View Post
I don't see how you can make money with the 3% no cap fees that virtually all cards are charging, when money market rates are <3%.

When you factor in that interest earned is taxable and fees paid aren't deductible it seems like the only winner is Uncle Sam.
Yep. I did a little stoozing the past couple of years, but the landscape has changed to the point it's not worth it.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-19-2008, 10:39 PM   #32
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,930
I just took $15K at 0% with a $75 fee cap from BAC. However, Wells Fargo said that they would put a 6 week hold on it. I mailed it directly to my brokerage and was credited instantly.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 04-20-2008, 03:53 AM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
I wonder how many people that use these shadow margin accounts accidentally miss a payment and pay up with the penalties and high interest rate (charged if one is late)?
__________________

__________________
chinaco is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Secured credit cards? summer2007 FIRE and Money 3 10-16-2007 10:07 AM
Should I pay off these pesky credit cards??? thefed FIRE and Money 45 02-05-2007 08:21 PM
Another way to profit from credit cards SLC Tortfeasor Young Dreamers 98 09-27-2006 04:59 PM
Credit Cards, Debt, and Bankruptcy Eagle43 FIRE and Money 68 03-21-2005 07:25 AM
Best cash back credit cards? LRAO Other topics 27 10-15-2004 11:37 AM

 

 
All times are GMT -6. The time now is 11:06 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.